Nigeria has opened its mining sector to Venezuelan investors during discussions at the Mining Indaba in South Africa. Ministers from both nations focused on economic cooperation and resource diversification, especially in critical minerals necessary for green energy. They aim to strengthen ties and attract investment while promoting local processing for job creation.
Nigeria is opening its mining sector to Venezuelan investors, a move aimed at boosting foreign investments. This initiative was discussed during the Mining Indaba in Cape Town, where Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, met with Venezuela’s Deputy Minister of Mining, Alejandro Martinez. They explored opportunities for cooperation in the mining sector to strengthen economic ties between the two nations.
Alake highlighted the need for Nigeria to diversify from petroleum, noting the global shift towards green energy and the importance of mining critical minerals like lithium and cobalt. He stated, “Nigeria focused on petroleum. Now, the world is moving to green energy. Compulsorily, we have to shift our attention to our minerals.”
Emphasising local value addition, Alake expressed Nigeria’s desire for lithium to be processed domestically to create jobs and stimulate the economy. He invited Venezuela to join a new coalition for mining countries aiming for trade and economic independence.
Martinez acknowledged the challenges faced by both oil-producing countries and expressed Venezuela’s eagerness to collaborate. He conveyed gratitude from Venezuelan President Nicolas Maduro to Nigeria’s President Bola Tinubu for support and urged investment facilitation through closer ties between the two nations.
Nigeria and Venezuela’s partnership aims to diversify economies through mining, highlighting the importance of local processing and collaboration. Both countries seek to exploit their resources sustainably, focusing on critical minerals needed for the energy transition.
Original Source: tribuneonlineng.com